On June 20, Guandong News Holdings (08082.HK) announced that in order to better serve the strategic development planning needs, accelerate the development of the new energy field market, especially the mainland China market, and fully utilize Hong Kong's overall advantages as the financial service center of that market to optimize the company's resource allocation, it will invest and establish a wholly-owned subsidiary, Qingham Industrial Development Co., Ltd. ("Qingham subsidiary") in June 2024. The new business will be led and managed by Ma Xinying, who will be appointed as a director of Qingham subsidiary.

Expected business scope of Qingham subsidiary includes but not limited to new energy development; sales of mining machinery; evaluation services of mineral resources reserves; sales of electronic products; headquarters management of enterprises; industrial engineering design services; trade agency; asset management services for self-funded investment; social and economic consulting services; consulting services for information technology; safety consulting services; management consulting services of enterprises; conference and exhibition services; technology services, development, consultation, exchange, transfer and promotion, etc.

The establishment of Qingham subsidiary will help the group further improve its business layout, enhance international revenue, and contribute to the company's future strategic development and layout. Therefore, the board of directors believes that the establishment of Qingham subsidiary will comply with the overall interests of the company and its shareholders, and will bring positive returns to the group in the long run.